Digital lean operations: smart automation and artificial intelligence in financial services

Robert N. Boute; Joren Gijsbrechts; Jan A. Van Mieghem

doi:10.1007/978-3-030-75729-8_6

Digital lean operations: smart automation and artificial intelligence in financial services

Robert N. Boute, Joren Gijsbrechts, Jan A. Van Mieghem^*

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

10 Citations (Scopus)

Abstract

The financial services industry covers banks, insurance companies and investment managers, as well as transaction or message processing companies. To streamline billions of daily transactions, lean principles and operational excellence programs have found their way to financial service firms. Today, the resulting cost and risk reductions are further enhanced by embracing new digital technologies–such as those falling under the umbrella of Industry 4.0. These digital technologies stimulate a new wave of operational efficiency improvements by making processes more automated, autonomous, and smart. We provide a framework to evaluate the transition towards digital, autonomous and smart operations in financial services. We report our findings from the digital operations journey of Euroclear, a service provider of settlements for securities transactions, on their quest for increased automation and autonomy. We also shed light on the potential of artificial intelligence in financial services. Data-driven solutions may support financial service firms from purely descriptive models and methods with strong predictive power, towards prescriptive decision-making algorithms.

Original language	English
Title of host publication	Springer series in supply chain management
Editors	Volodymyr Babich, John R. Birge, Gilles Hilary
Place of Publication	Cham
Publisher	Springer Nature
Pages	175-188
Number of pages	14
Edition	1
ISBN (Electronic)	9783030757298
ISBN (Print)	9783030757304, 9783030757281
DOIs	https://doi.org/10.1007/978-3-030-75729-8_6
Publication status	Published - 2022

Publication series

Name	Springer Series in Supply Chain Management
Volume	11
ISSN (Print)	2365-6395
ISSN (Electronic)	2365-6409

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1007/978-3-030-75729-8_6

Cite this

Boute, R. N., Gijsbrechts, J., & Van Mieghem, J. A. (2022). Digital lean operations: smart automation and artificial intelligence in financial services. In V. Babich, J. R. Birge, & G. Hilary (Eds.), Springer series in supply chain management (1 ed., pp. 175-188). (Springer Series in Supply Chain Management; Vol. 11). Springer Nature. https://doi.org/10.1007/978-3-030-75729-8_6

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Digital lean operations: smart automation and artificial intelligence in financial services. / Boute, Robert N.; Gijsbrechts, Joren; Van Mieghem, Jan A.
Springer series in supply chain management. ed. / Volodymyr Babich; John R. Birge; Gilles Hilary. 1. ed. Cham: Springer Nature, 2022. p. 175-188 (Springer Series in Supply Chain Management; Vol. 11).

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

TY - CHAP

T1 - Digital lean operations

T2 - smart automation and artificial intelligence in financial services

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AU - Gijsbrechts, Joren

AU - Van Mieghem, Jan A.

PY - 2022

Y1 - 2022

N2 - The financial services industry covers banks, insurance companies and investment managers, as well as transaction or message processing companies. To streamline billions of daily transactions, lean principles and operational excellence programs have found their way to financial service firms. Today, the resulting cost and risk reductions are further enhanced by embracing new digital technologies–such as those falling under the umbrella of Industry 4.0. These digital technologies stimulate a new wave of operational efficiency improvements by making processes more automated, autonomous, and smart. We provide a framework to evaluate the transition towards digital, autonomous and smart operations in financial services. We report our findings from the digital operations journey of Euroclear, a service provider of settlements for securities transactions, on their quest for increased automation and autonomy. We also shed light on the potential of artificial intelligence in financial services. Data-driven solutions may support financial service firms from purely descriptive models and methods with strong predictive power, towards prescriptive decision-making algorithms.

AB - The financial services industry covers banks, insurance companies and investment managers, as well as transaction or message processing companies. To streamline billions of daily transactions, lean principles and operational excellence programs have found their way to financial service firms. Today, the resulting cost and risk reductions are further enhanced by embracing new digital technologies–such as those falling under the umbrella of Industry 4.0. These digital technologies stimulate a new wave of operational efficiency improvements by making processes more automated, autonomous, and smart. We provide a framework to evaluate the transition towards digital, autonomous and smart operations in financial services. We report our findings from the digital operations journey of Euroclear, a service provider of settlements for securities transactions, on their quest for increased automation and autonomy. We also shed light on the potential of artificial intelligence in financial services. Data-driven solutions may support financial service firms from purely descriptive models and methods with strong predictive power, towards prescriptive decision-making algorithms.

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M3 - Chapter

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SN - 9783030757304

SN - 9783030757281

T3 - Springer Series in Supply Chain Management

SP - 175

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Digital lean operations: smart automation and artificial intelligence in financial services

Abstract

Publication series

UN SDGs

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CUBE: Católica Lisbon Research Unit in Business and Economics

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Digital lean operations: smart automation and artificial intelligence in financial services

Abstract

Publication series

UN SDGs

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CUBE: Católica Lisbon Research Unit in Business and Economics

Cite this